Reliance Industries Ltd is considering an offer for British telecom company BT Group Plc, the Economic Times reported on Monday, citing unnamed sources familiar with the matter.
Reliance might make an unsolicited offer to buy into BT Group or will try to get a controlling share in it, the report said.
Alternatively, the Indian company may propose to work with BT’s networking or fibre optic arm and fund its expansion.
It is not known if Reliance chairman Mukesh Ambani has met with BT chief executive officer Philip Jansen and outgoing chairman Jan du Plessis.
Reliance was outbid in September by a consortium of Apax and Warburg Pincus for control over a Dutch unit of T-Mobile.
Economic Times said talks were in the early stages and there might not be a transaction. BT, which was privatized in the eighties, is the UK’s mainstay operator for fixed line telecom services.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.